WPI inflation eases marginally to 2.47% in March

Image for representation

Image for representation

India's wholesale price-indexed (WPI) inflation softened to 2.47 percent in March from 2.48 percent reported for the previous month, official data showed on Monday.

The build up in inflation rate in the financial year so far was 2.47% compared to a build up rate of 5.11% in the corresponding period of the previous year. Inflation in the fuel and power basket, however, rose to 4.70 per cent in March from 3.81 per cent in February. The reduction in pulse prices was pegged at 20.58%, in vegetables at 2.70%, wheat at 1.19 % and egg, meat and fish at 0.82% in March.

Wholesale prices climbed 2.47 percent year-over-year in March, nearly in line with February's 2.48 percent increase.

The harmonised CPI figure, calculated by NSI for comparison with European Union data, recorded a decrease of 0.2 per cent on a monthly basis, while the annual harmonised CPI in March showed a 1.9 per cent increase. However, the price of raw silk, mesta and hides, sunflower, soyabean, fodder, raw wool, coir fibre and raw rubber all moved up. However, the price of iron ore (15%), chromite (13%), manganese ore (6%), limestone (5%) and zinc concentrate and lead concentrate (1% each) moved up.

On a sequential basis, expenses on primary articles, which constitute 22.62 per cent of the WPI's total weightage, inched up by 0.24 per cent, from an increase of 0.79 per cent in February.

It was only manufacturing index who saw uptick in March month supporting the growth in WPI.

Meanwhile, the Nikkei 335 index traded 0.29 percent higher at 21,841.50 by 04:55 GMT, while at 04:00GMT, the FxWirePro's Hourly JPY Strength Index remained neutral at -51.48 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). It revised downwards forecast for retail inflation to 4.7-5.1 per cent for April-September and 4.4 per cent for October-March.

Meanwhile, manufactured products inflation for March 2018 came in at 3.03 per cent, lower than 3.22 per cent in the same month a year ago.

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